GBP JPY needs positive momentum 14/10/2013

The pair settled above the initial support around 156.75 to return under the main bullish bias domination, thus we continue to expect the positivity in the upcoming period to reach 158.80 as a first positive target, noting that holding above the main support line of the upside channel at 151.70 supports the continuation of the bullish bias to hit new positive targets.

Stochastic stability within the overbought levels supports the bullish overview, but to reach new targets, we need to gain new momentum that supports forming positive wave to reach 158.80 in the near term.

Expected trading range is between: 156.80 and 158.80

Expected trend for today: Bullish, if 156.70 level remained intact